EV Sales At Warren Buffett-Backed BYD Quadrupled In August From Year Earlier

A China-based battery and vehicle manufacturer, BYD saw its sales quadruple in August compared to a year earlier. This new report is part of a series that emphasizes the strong demand for electric cars in the world’s biggest auto market.

THE COMPANY SAID THAT Shenzhen-headquartered BYD sold 61,409 new electric vehicles last month, compared with 15,283 a year earlier in a statement on Friday evening. The company sold 266,480 new-energy vehicles for the first eight months of the year, increasing 192.6% compared to a year ago.

China-invested Tesla is threatening the Chinese leader in electric vehicles. BYD’s net profit fell 29% to 1.17 Billion yuan or $180 Million in the first six months of the year, despite rising material costs, it said last month. Revenue increased by 53.6%, to 89.1 trillion yuan.
BYD is more diverse than its competitors, as it makes both handset components as well photovoltaics. Customers include Apple, Xiaomi, Huawei, and Dell. The shares traded in Hong Kong have gained 240% over the past year, closing at HK$254.40 Friday.

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Adam Collins
Adam writes about technology, business and economics. With master's degree in Economics, he's presented six papers in international conferences. As a solivagant in the constant state of fernweh, curiosity is the main weapon in his arsenal.

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